Turnover
How much of the portfolio changed hands over a year.
In the demo portfolio
4.7%
How it is computed here
The smaller of what was bought and what was sold, over the average portfolio value — the definition funds are required to publish, because adding up purchases would count new money paid in as turnover, and paying money in rotates nothing.
Worked example
- The smaller of purchases ($14,272) and sales ($3,487) ÷ the average value, per year.
- At 0.15% a trade, that trading cost about 0.014% of return a year.
Demo portfolio: four invented companies, generated prices, measured by the real engine. Past returns do not predict future ones.
Where it misleads
The cost beside it is not an estimate of your broker's fees: it is turnover times a rate you can change. What it does say is how much this portfolio has to beat the market by just to pay for its own activity.